There are hotels all over Midtown East that are more reasonably-priced, quieter, and more spacious than anything around Times Square. Grand Central is one stop on the Shuttle (the S train) from Times Square, so look in that area (3rd Av and 42nd St). Weekends should be even cheaper in that area.

Or come downtown a bit more. There are great boutiques all over the place between Herald Square and Union Square. The N Q R trains run up and down Broadway so you can easily and quickly get to Times Square for your show. You won't want to spend any more time in Times Square than when you're going to your show anyway.

What else do you want to see while in the city? Museums? Architecture? What's on your list?

I'm happy to give you restaurants recommendations based on the number of days you'll be in town, what kinds of foods you're interested in, etc.

Tim